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Month-end Accounting Tasks
Month-end Accounting Tasks
Updated over 2 months ago

Below is a list of month-end accounting tasks you should complete PRIOR to issuing owner statements and financial reports (linked SOPs forthcoming for each step below)

  1. Reconcile Cash (Trust, Operating, etc.)

  2. Reconcile CC Accts

  3. Reconcile Revenue in QBO back to your Property Management System

    1. Review transactions without a class or location (Location method only) assigned

    2. Review Cancellations and Resolutions - make any needed adjustments for $ amounts retained or refunded

  4. Review Accounts Receivable detail and reconcile

  5. Reconcile your clearing accounts (airbnb, stripe, booking.com, etc.)

  6. Book Management Commissions using $0 bill template

    1. NOTE - if using Management Commission Automation, perform high level review to make sure total monthly commissions are correct

  7. Book any monthly fees or charges

  8. Prepare and review owner statements

  9. Reconcile VRPlatform Owner Statement totals (Payouts) to QBO

  10. Issue statements and pay owners

  11. Perform month-end accounting journal for Operating/Trust liability

  12. Close your books in QBO as of month-end

Note: VRPlatform's month-end accounting process is intended as a guide to help with monthly account reconciliations. VRPlatform is not responsible for ensuring that month-end procedures are completed correctly or that the resulting financial figures are accurate. Additionally, VRPlatform is not liable for errors due to incorrect automation mappings, manual entries, or non-adherence to recommended accounting practices. The only way to ensure that your trust and operating funds are accurate is to perform the recommended month-end accounting steps, then complete a reconciliation of your trust assets and liabilities. You may find those steps here.

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